REQUIREMIENTS: What is the predetermined overhead rate?What is the amount of overhead applied for February?If the actual overhead for February is $64,700, what is the overhead variance and is it overapplied or underapplied? Morrow Company applies overhead based on directlabor hours. At the beginning of the year, Morrowestimates overhead to be $620,000, machine hours tobe 180,000, and direct labor hours to be 40,000. DuringFebruary, Morrow has 4,200 direct labor hours and 8,000machine hours.

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Description: REQUIREMIENTS: What is the predetermined overhead rate?What is the amount of overhead applied for February?If the actual overhead for February is $64,700, what is the overhead variance and is it overapplied or underapplied? Morrow Company applies ove

Overheads are the indirect costs related to production of goods.

Business

Accounting

REQUIREMIENTS: What is the predetermined overhead rate? What is the amount of overhead applied for February? If the actual overhead for February is $64,700, what is the overhead variance and is it overapplied or underapplied?

REQUIREMIENTS: What is the predetermined overhead rate? What is the amount of overhead applied for February? If the actual overhead for February is $64,700, what is the overhead variance and is it overapplied or underapplied?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Breakaway Company's labor information for May is as follows: Actual direct labor hours worked Standard direct labor hours allowed Total payroll for direct labor Direct labor time variance $18,320 (unfavorable) A. What is the actual direct labor rate per hour? Round your answer to two decimal places. Actual direct labor rate $ per hour B. What is the standard direct labor rate per hour? Round your answer to two decimal places. Standard direct labor rate per hour
What variable manufacturing overhead cost would be included in the company’s planning budget for March?
The following data relate to direct labor costs for the current period: Standard costs 7,300 hours at $11.80 Actual costs 6,400 hours at $10.00 The direct labor time variance is Oa. $10,620 unfavorable Ob. $9,000 favorable C. $9,000 unfavorable Od. $10,620 favorable
Overhead spending variance is the difference between the * actual overhead cost and budgeted overhead cost for actual hours worked standard overhead cost and budgeted overhead cost for actual hours worked actual overhead cost and standard overhead cost for standard hours standard overhead cost and budgeted overhead cost for standard hours
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Manufacturing Overhead Variance is: O a. A product cost and is expensed when the jobs are sent to customers O b. A product cost and is expensed in the period incurred O c. A period cost and is expensed when the jobs are sent to customers O d. A period cost and is expensed in the period incurred
At the end of the fiscal year, variances from standard costs are usually transferred to the a.factory overhead account b.cost of goods sold account c.direct materials account d.direct labor account
If a company uses predetermined rate for absorption of manufacturing overhead, the volume variance is a. The difference between budgeted cost and actual cost of fixed overhead items. b. The under- or over-applied variable cost element of overhead. c. The under- or over-applied fixed cost element of overhead. d. The difference between budgeted cost and actual cost of variable overhead items.
The following data relate to direct labor costs for the current period: 7,200 hours at $11.00 6,400 hours at $10.80 Standard costs Actual costs The direct labor time variance is O a. $8,800 unfavorable O b. $8,640 favorable O c. $8,640 unfavorable O d. $8,800 favorable
13. If a company uses predetermined rate for absorption of manufacturing overhead, the volume variance is Group of answer choices The under- or over-applied fixed cost element of overhead. The difference between budgeted cost and actual cost of variable overhead items. The difference between budgeted cost and actual cost of fixed overhead items. The under- or over-applied variable cost element of overhead.
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